Tycoon's wife furious over €23m divorce settlement

Tycoon's wife furious over €23m divorce settlement

Tycoon Scot Young, who is accused by his estranged wife Michelle of hiding his fortune to avoid a divorce settlement, is worth £40m (€46m), a High Court judge in England ruled today.

Mr Justice Moor said Mrs Young should get a lump sum of £20m (€23m).

But she reacted with fury to the ruling, saying: “It’s disgraceful. I stand by what I said. He’s worth billions.”

Mr Young, 51, and his wife, who is 49, have fought a long and bitter battle over money.

Mrs Young claims he has hidden “a vast fortune” and that she was a victim of ”fraud” because Mr Young has manipulated his affairs so as to do her down.

Mr Young claims he is penniless and bankrupt and has debts which added up to £28m (€33m).

In January, Mr Justice Moor imposed a six-month prison term on Mr Young after concluding that he had failed to provide financial information to his wife in the run up to the trial and was in contempt of court.

The judge has heard that the Youngs, who live in London and have two daughters, separated in 2006 after starting a relationship in 1989.

A lawyer representing Mrs Young has told the judge that she had run up a bill of £1.6m (€1.9m) fighting for a “fair share” of Mr Young’s wealth.

Mr Justice Moor said: "I realise Mrs Young will have difficulty enforcing this order.''

But he added: “This debt will exist for all time. Mr Young will never be free of it.”

The judge said he hoped Mr Young would take the view that he was better off paying the £20m (€23m) so that he could concentrate on rebuilding his life.

Mrs Young added: "Sadly for us and for Mr Justice Moor, it has been impossible to quantify the assets.

“Many people will be watching this and think it’s a fortune but at the moment all this order is is a piece of paper.

“This isn’t over. Not for me. Not for my two daughters and not for Mr Young.”

More in this Section

Hundreds of motorists blocked by Catalan separatistsHundreds of motorists blocked by Catalan separatists

Hillary Clinton voices concerns about impact of social media on young womenHillary Clinton voices concerns about impact of social media on young women

Japanese space probe starts year-long journey home from asteroidJapanese space probe starts year-long journey home from asteroid

Venice flooding hits second highest level everVenice flooding hits second highest level ever


Lifestyle

The Cosmetify Index reveals the cosmetics companies that are generating the most buzz online – and Dubai-based Huda Kattan has the top spot.Huda Beauty tops the 10 ‘most popular’ beauty brands this year

Read the script of Kya deLongchamps’ kitchen-sink drama to set the scene to make an informed choice when selecting this home essentialTake the plunge: Read this checklist before you splash out on your new kitchen sink

SOMETIMES, the journey is more important than the destination. And sometimes, we just want to sit at home eating a bag of jelly beans, while thinking about more jelly beans. Life is only as significant or special as we make it.GameTech: Death Stranding is a divisive, beautiful journey packaged in a cool world

Former Oasis drummer Tony McCarroll tells Richard Purden about the mad times when five Manc-Irish lads became one of the biggest rock bands in the worldNot looking back in anger: Former Oasis drummer looks back at the mad times of one of the biggest rock bands in the world

More From The Irish Examiner